普惠金融与县域资金外流：减贫还是致贫*——基于中国592个国家级贫困县的研究

本文利用全国592个国家级贫困县的数据，采用空间计量模型实证分析了普惠金融对县域资金外流的影响，并验证了贫困县资金外流是否会产生致贫效应。本文研究发现：如果普惠金融只注重解决贫困地区对金融机构的接触性排斥，会进一步加剧资金外流，对减贫产生负向影响，即存在显著的致贫效应。这种致贫效应具有明显的空间外溢性，邻近县域的贫困状况在很大程度上会彼此“传染”，并具有空间衰减特征的地理边界。因而需要客观认识普惠金融的本质，有针对性地选择恰当有效的实施载体，解决好对信贷产品等关键金融服务的使用性排斥问题。

INCLUSIVE FINANCE AND COUNTY CAPITAL OUTFLOW:POVERTY ALLEVIATION OR WORSEN——Evidence from 592 Poverty Counties in China#br#

Using the data of 592 poverty counties in China, this paper analyzes the effects of inclusive finance on the county capital outflow by using spatial econometric models, and verifies whether capital overflow will produce a poverty effect in poverty countiesThe results indicate as follows:If inclusive finance only pays attention to the solution of exclusion of financial institutions in poverty areas, it will further exacerbate capital outflow, and have a negative impact on poverty reduction, which is a significant poverty effectAt the same time, the poverty effect has an obvious spatial spillover effectsTo a great extent, the poverty situation in neighboring counties will be “contagious”This kind of spatial spillover effect has a geographical boundary which has spatial attenuation characteristicTherefore, we need to understand the nature of inclusive finance objectively, and choose appropriate and effective carrier of implementation to solve the exclusion of credit products and other key financial services